HOW WE ARE STRUCTURED & REGULATED
Southill Community Energy is a community benefit society. It is registered under the Cooperative and Community Benefit Societies Act 2014.
This means we’re governed by a set of rules that specify:
what we can do in business
how we should be run
that we are for the benefit of the community, not of the members
SCE was registered with the Financial Conduct Authority on 16th November 2015.
Read more about community benefit societies.
SCE is governed by a constitution, and the constitution rules can only be changed by member votes.
The financial returns will be independently audited and published to you with full transparency on financial performance and ongoing viability of the business.
We hold an AGM every year to review performance and for members to vote on resolutions proposed, including the election of executive and non-executive directors to the board.
Originally set with three founding members, there are now five non-executive directors. Members will be able to elect executive directors, on the basis of one member one vote, at the AGM.
Each director is a member and will receive interest on any investment in exactly the same way as other members. The executive directors are paid a basic amount to cover the operation of the community business.
The non-executive directors put their time in on a voluntary basis.